The new 2024 COLA increase will be 3.2 percent, as the Senior Citizens League forecast on September 13. Despite the fact that Social Security did not reveal the exact figure until October 12, few expected a higher amount.
So, far, there are some facts that Social Security has revealed. For example, if you are on the Supplemental Security Income (SSI) and you get the largest amount possible, your new payment will be $943.
Thus, there is no need to use any calculators for the maximum amounts of SSI payments. Eligible married couples can collect payments of up to $1,415, up from $1,371. Even essential persons receiving the maximum amount can know their amounts without calculators, up to $472.
HOW CAN I CALCULATE THE AMOUNT OF MY SOCIAL SECURITY RETIREMENT BENEFITS WITH THE NEW COLA FOR 2024?
Since people on Social Security may have different amounts, they have two options. On the one hand, beneficiaries can wait until they receive their payment in January. On the other hand, they can work it out by themselves.
Keep in mind that the average Social Security payment in retirement will be around $1,907. Before the 2024 COLA adjustment, it was slightly higher at $1,948, showing a $59 increase on average.
However, the actual amount you receive may vary. Some beneficiaries will receive more due to higher earnings, while others will receive less. To figure out your estimated 2024 Social Security payment, you’ll need to know your current benefit amount.
Example of a Social Security calculation
For instance, if you currently receive $2,000 per month, your new retirement benefit might be approximately $2,064 in 2024. To calculate it, simply multiply your current amount, $2,000, by a factor of 1.032.
On the other hand, if your Social Security payment is only $1,500, you can calculate your estimated 2024 benefit by multiplying $1,500 by 1.032, resulting in an approximate amount of $1,548. This straightforward method provides a close estimate of your 2024 payment.
If you prefer not to calculate your future payment yourself and haven’t applied for a Social Security check yet, consider obtaining a Statement from the Social Security Administration (SSA). It will provide an estimate based on your retirement age, simplifying the process.